Senegal approves capital subscription for African Energy Bank to support continental energy financing
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Senegal has approved payment for its capital subscription to the African Energy Bank (AEB), marking another step toward the institution’s establishment to finance energy development across the continent. The decision was confirmed on December 9 during the MSGBC Oil, Gas & Power 2025 conference held in Dakar.
The African Energy Bank is being established by the African Petroleum Producers’ Organization (APPO) in partnership with the African Export-Import Bank (Afreximbank). The institution targets an initial capital base of $5 billion to support oil, gas, and power projects in African countries. APPO Secretary-General Dr. Omar Farouk Ibrahim said Senegal’s approval brings the bank’s operational launch a step closer as part of its first-round capital mobilization.
Senegal’s participation reflects its strategy to deepen regional energy cooperation and strengthen financing access as the country advances new fossil fuel production. The move aligns with the government’s expanding oil and gas portfolio, led by the Sangomar oilfield and the Greater Tortue Ahmeyim gas development, both expected to underpin future export and revenue growth.
